Here is the email we got. In accordance with the terms of the membership
agreement 128553 pursuant to the sale of The Royal Islander and the
distribution of the net proceeds thereof, we will be transferring or
sending you a check for the sum of $5,059 USD corresponding to your
residual rights payment for membership #### from the sale of the resort
as soon as we receive your completed and signed Residual Rights
Instructions form and accompanying documents in the mail. Please note
that this payment is per membership agreement, not per member.
Please read this entire email carefully as it contains detailed
information on the steps you need to take to begin this process.
As we previously informed you, once authorization was obtained from
COFECE (Federal Commission of Economic Competition), the sale of The
Royal Islander was finalized. The day of closing was December 11, 2023.
The property is now owned by an international investment group called
Alojica which presented the highest bid for the property in the marketed
sales process and acquired it for the sum of $56,455,920 USD (including
Value Added Tax).
In the process of calculating the amount to be distributed as residual
rights, the employee severance payments and municipal, state and federal
taxes, as well as expenses related to the sale were deducted from the
sales price of assets. Once this process was completed, the net proceeds
from the sale of the resort and the remaining cash reserves held in
resort accounts as of December 11, 2023, including the Club Cash Reserve
and the Hurricane Fund, were sent to the Membership Company for
distribution among members in good standing that have residual rights
stipulated in their membership agreement.
The amounts deducted from the sale price, as well as the Reserves are as
follows: The Royal Islander Residual Rights Distribution USD Feb-24 Sale
Price $56,455,920 Severance payments and Union Agreement termination
$2,091,237 Realtor Commission and Related Expenses $1,475,699 Municipal,
State and Federal Taxes $17,592,643 Closing statement (Energy & Chiller
Maintenance) $97,892 $21,257,472 Remaining Balance After Sale of Resort
$35,198,448 Club Cash Reserve $1,439,746 Hurricane Funds $1,882,540 Total
Reserves $3,322,286 Total amount to be distributed as Residual Rights
$38,520,734 Accounts in Good Standing 7,615 Distribution of Residual
Rights to Members $5,059 There are approximately 9,129 memberships at The
Royal Islander. As of November 30, 2023, 83 percent of the total number
of members were in good standing and entitled to receive this residual
rights payment, 7,615 members. Residual Rights Distribution Process To
begin the distribution process in order to receive your payment of
Residual Rights from the Membership Company, please: Click here to view
and print your Residual Rights Instructions form for Membership Agreement
128553. If you have multiple Membership Agreements, you must complete the
Residual Rights Instructions form for each one. You will receive an email
for each membership agreement that you have and the link on each email
will be unique to that membership agreement. Read the Residual Rights
Instructions form carefully. If the membership information is inaccurate
or if the names of the Members in the document do not match that of the
current members, please contact us immediately at
residualrights@intervalservicing.com. Any change not currently reflected
in the membership agreement, must be corrected before distribution.
Select your method of payment. If payment is to be made via ACH or wire
transfer, please provide the bank account information and attach a bank
statement. Only the header is needed. Indicate the member’s name or names
who will receive the payment. All members listed in the membership
agreement must sign the form and you need to attach a copy of a valid ID
with the signature for each member. Please mail the Instructions form
with all the required information to:
Interval Servicing Company, LLC Attn: Residual Rights Processing 9271 S
John Young Pkwy Orlando, FL 32819
Randy L. answered Mar 20, 2024
